Innovation...leading the field....people's champion. Branson springs to mind. And Virgin One (now under RoyalBank of Scotland control) delivers in the same manner. With Virgin One gone are the days when one's mortgage value goes up instead of down, interest calculatedted monthly/annually and penalties imposed for daring to pay off huge chunk of your own debt (this is the essence of a mortgage afterall).
Instead you can truly take control of your finances and not be penalised. On the contrary if sensibly handled you will benefit from a falling interest rate (the more you pay off the mortgage the lower the interest rate becomes). The rewards are greatest if all finances are handled through the account - have salaries, under-performing investments and any spare cash paid into the account and, because of the daily interest calculation, the lower the loan amount, the lower the interest cost. Simple really.
And the Service ? Second to none. I transferred from a rival institution and the Vigin One staff took care of everything, even informing me of potential problems on the horizon and overcoming them on my behalf.
If you have internet access, as most people do nowadays, then one's satifsaction level is raised yet further by being able to monitor the account's performance on a daily basis. Go online and see a graph of your account demonstrating the peaks and troughs as you spend and save money, check direct debit payments, check for anomolies from day-to-day transactions (more likely that you will faint in disbelief as you realise that you actually paid £500 for your new suit or celebrated a little too long in a fancy restaurant).
Overall, however, the ultimate benefit comes from being ablke to effectively plan an early payment of the whole mortgage, saving £000s in the process. Afterall, money best-served in your pocket than in some big, corporate, financial institution.
People's champion. Yes. Could we have more of the same please ?
Nov 23rd, 2001
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